Matthew Sigel of VanEck disputes Bernstein’s claim that the 2024 U.S. election will impact Bitcoin’s price.
Matthew Sigel, who is the Head of Digital Assets Research at VanEck, has refuted recent assertions made by Bernstein, which stated that the approaching U.S. election will have a direct influence on Bitcoin.
Investors have shown interest in Bitcoin as a result of this opposing opinion, which discounts the possibility that the United States Presidential Election 2024 will impact the surge.
Sigel made an interesting observation when he mentioned that the flagship cryptocurrency is likely to “outperform” in the event that Kamala Harris wins the election against Donald Trump, which fueled numerous conversations in the market.
VanEck Exec Dismisses U.S. Election Impact On Bitcoin Rally
Bernstein has released its most recent research report, which says that the impending U.S. election in 2024 may have a big impact on the price of Bitcoin. Depending on the outcome of the election between Donald Trump and Kamala Harris, it has projected a future that is fraught with uncertainty.
Bitcoin might fall to as low as $30,000 if Kamala Harris is successful in her bid for the presidency, according to the research. This would be a reversal of the gains that Bitcoin has experienced since the introduction of the Bitcoin ETF in 2023.
At the same time, it forecast that a victory for Donald Trump might set off a rally for Bitcoin that would take it to unprecedented heights, with the possibility of hitting $90,000 by the end of 2024.
In contrast, Matthew Sigel, who works at VanEck, disputed these assertions. In his argument, he said that the flagship cryptocurrency’s performance is less about politics and more about market sentiment and investor confidence. In a recent post on X, he made the following assertion: “In my opinion, Bitcoin is a rallying cry for whoever wins because it eliminates uncertainty”.
Bitcoin may outperform if the Democrats win the U.S. election, according to Sigel. Alternate cryptocurrencies, on the other hand, might be able to keep up with the pace thanks to a Republican victory.
In other words, he believes that a Trump victory could lead to a rally in the cryptocurrency market as a whole. Sigel’s remarks have sparked arguments, with some investors believing that a hypothetical victory for Harris may result in increased government spending as well as the printing of additional financial resources.
In most cases, this action increases the appeal of Bitcoin as a hedge against inflation. A social media commenter posed a question about whether Bernstein’s report should contradict itself.
According to him, Kamala is equivalent to increased government expenditure, which results in money printing. Sigel reiterated his belief that Bitcoin will rise regardless of the U.S. election outcome, asserting that the elimination of market uncertainties will propel this rally.
The expanding influence of the former President of the United States in the cryptocurrency market, on the other hand, is also an important factor to consider in this discussion.
Donald Trump has recently positioned himself as a pro-crypto supporter, promising to make the United States of America a leader in the digital asset sector if re-elected. His attitude has garnered significant support from the cryptocurrency community, a stark contrast to the anti-crypto rhetoric commonly associated with Harris and the Democrats.
Significant players like Chris Larsen, a co-founder of Ripple, have demonstrated their support for Harris, further highlighting the division within the cryptocurrency culture.
Larsen’s support for Harris has intensified discussions about the potential benefits of her leadership for the digital asset market. At the time of this writing, Bitcoin’s price had increased by more than 2.6%, reaching $55,356, while its trading volume had increased by 68%, reaching $27.32 billion.
On the other hand, a recent analysis of the price of Bitcoin revealed that the cryptocurrency might fall to $27,000, while other market patterns could drive a surge in the most popular alternative cryptocurrencies.
